Group Benefits

Group Benefits

Group Funeral Benefit

The Group Funeral Benefit can be offered as part of the GLA scheme or as a self-standing arrangement. The Benefit is usually expressed as a multiple of monthly salary, covering members of the Group Life Assurance scheme. The employer will pay a premium for the provision of this benefit. This benefit will cover all Employees and is paid within 24 working hours of CBZ receiving a burial order.

Group Chronic Illness

This product was designed to enhance the benefits of an Employee who would have retired on ill-health grounds. Under a Defined Contribution Scheme, the reduced years of service due to ill-health, negatively impacts on the retirement package. Many Employees who would ordinarily qualify for ill-health early retirement are therefore not keen to retire because of this element. The product allows for a win-win situation – Employee gets an enhanced retirement package and Employer can hire a more productive Employee.

The employer pays an additional contribution expressed as a percentage of salary bill, for the provision of this benefit.

The fund releases a lump sum which is a multiple of member’s salary as at date of retirement. This additional lump sum when matched with the retirement capital accumulated under the main pension fund ensures that a more meaningful Pension is paid to the Retiree.

Disability Benefit

Benefits are payable if the assured is, in the opinion of the assuring company, based on medical assessment, by reason of total, permanent and irreversible disability as arising from accidental cause(s):

unable to perform no part of any occupation to which he/or she may, in the opinion of the company, be suited by way of education, training, retraining or experience and is not following any occupation.

deemed to have suffered the entire loss of the use of both eyes, and both hands or both feet, or one hand and one foot, or one eye and one hand, or of one eye and one foot.

The overall benefits from this and any other regular disability benefits should not exceed earnings prior to disability.

The benefit is a multiple of salary, usually once annual salary subject to a maximum paid as a lump sum. It is offered as a rider to GLA.

A lump sum benefit is payable after a six (6) month period of continuous disablement has elapsed.